The Bureau of Labor Statistics (BLS) has released the September jobs report [DATA HERE] showing a dismal 194,000 jobs added against a financial media and Wall Street expectation of 500,000 jobs. [CNBC Apoplectic] The labor participation rate in the worker economy overall has not moved since Biden’s inauguration, and stands at 61.6%.
Digging into the numbers, what is happening is exactly what we ¹should expect. Outside the immediacy of private sector durable goods retailers seeing a pull back in consumer purchasing due to inflation (which we continue to point out is the critical issue); the local economies impacted by a declining tax base are key early indicators of contracting economic activity. Wage gains are not keeping up with inflation.
Inside the data, you will note [Table B-1] a significant decline in Local Government Education of -144,000 jobs. Obviously the collapse of in-school teaching leads to less jobs in this sector overall. However, the drop happened at the exact same time students were returning to a new school year, and this drop is also reflected year-over-year. Schools were impacted by COVID in Sept 2020 more than schools are impacted by COVID in Sept 2021, yet this year the jobs are completely gone. Something bigger is happening in this sector.
Additionally, healthcare services show a major drop in employment (-37k) specifically as it relates to elderly care and nursing homes. All the sub-sectors of elder care are significantly lower in employment.
“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”
Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.
As long as Biden keeps threatening a DOL worker vaccination rule sometime in the future, many employers will take action to require worker vaccination. This seems to be the actual strategy; bolstered by White House Press Secretary Jen Psaki caught off-guard last week
Also, as more large municipal regions (megalopolis metropolitan areas like New York City and Los Angeles) begin enforcing a vaccine passport to eat in restaurants, the demand for meals at home will remain high. Supermarkets again will fill the void in the diet of consumers who choose to remain at home instead of eating out.
BOSTON (AP)